The polarizing TV host and Fox News jointly announced Wednesday that Beck will be exiting his daytime soapbox to concentrate on producing various tube projects for Fox and other platforms, via his Mercury Radio Arts company.

"I truly believe that America owes a lot to [Fox Chairman] Roger Ailes and Fox News," said Beck in a statement. "I cannot repay Roger for the lessons I've learned and will continue to learn from him and I look forward to starting this new phase of our partnership."

The news comes after several months of media speculation that the Fox News host might be giving up his chalkboard in the wake of plummeting ratings for The Glenn Beck Show, which has been steadily losing advertisers turned off by Beck's often bizarre rants.

Since leaving CNN and jumping to Fox News in October 2008, Beck's first two years in the gig was a huge boon for the network. Before its decline, the show was the third-highest rated program in all of cable news—a remarkable feat given it airs at 5 p.m.

The political pundit also emcees a top-rated radio show, has authored several best-selling books and may be now contemplating building a media empire of his own.

Despite the recent stumbles, Fox honcho Ailes remains a fan.

"Glenn Beck is a powerful communicator, a creative entrepreneur and a true success by anyone's standards," said Ailes. "I look forward to continuing to work with him."

Additionally, Joel Cheatwood, SVP of Development at Fox News and a longtime Beck associate, will also move to Mercury Radio Arts as EVP to oversee its relationship with the cable channel.

Beck is expected to transition off his daily show sometime later this year.

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